XXL

Share Issue/Capital Change • May 18, 2020

XXL ASA – Subscription by primary insider in the Share Issue

XXL ASA – Subscription by primary insider in the Share Issue

Oslo, Norway, 18 May 2020: Reference is made to the stock exchange announcement published by XXL ASA ("XXL" or the "Company", OSE ticker code "XXL") on 4 May 2020 regarding commencement of the subscription period for the fully underwritten share issue raising gross proceeds of approximately NOK 400 million through issuance of new shares in the Company (the "Offer Shares") at a subscription price of NOK 5.00 per Offer Share (the "Share Issue").

Dolphin Management AS, a company controlled by XXL board member Øivind Tidemandsen, has today subscribed for in total 16,000,000 Offer Shares out of which 15,709,163 were subscribed on the basis of subscription rights held by Dolphin Management AS.

Prior to allocation of Offer Shares in the Share Issue, Dolphin Management AS owns 20,855,956 shares in XXL, representing 12.10 percent of the outstanding shares of XXL before the Company’s issuance of Offer Shares in the Share Issue.

Following completion of the Share Issue, Dolphin Management AS will hold minimum 36,565,119 shares in the Company and potentially up to 36,855,956 shares assuming Dolphin Management AS receives full allocation on its subscription. Dolphin Management AS’ ownership in XXL after the Company’s issuance of the Offer Shares in the Share Issue will accordingly be minimum 14.48 percent of the outstanding shares of XXL and maximum 14.60 percent.

This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.

For further queries, please contact:

Investor Relations:

Tolle O. R. Grøterud

Tel: +47 90 27 29 59

E-mail: ir@xxlasa.com

About XXL

XXL is a leading sports retailer with stores and e-commerce in Norway, Sweden, Finland, Denmark and Austria. It is the largest among the major sports retailers in the Nordics. XXL pursues a broad customer appeal, offering a one stop shop experience with a wide range of products for sports, hunting, skiing, biking and other outdoor activities. XXL's concept is to have the largest stores with the best prices and the widest assortment of products, focusing on branded goods.

Important information

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States.

Any offering of the securities referred to in this announcement is made by means of a prospectus. This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus. Copies of the prospectus is available from the Company's registered office and, subject to certain exceptions, on the websites of DNB Markets, a part of DNB Bank ASA (www.dnb.no/emisjoner) and Nordea Bank Abp, filial i Norge (www.nordeamarkets.com/xxl) (jointly, the "Managers").

Potential investors should read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the securities referred to in this announcement. The approval of the prospectus by the Norwegian Financial Supervisory Authority should not be understood as an endorsement of the securities offered or admitted to trading on the Oslo Stock Exchange.

The issue, subscription or purchase of shares in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Managers assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Managers are acting for the Company and no one else in connection with the Share Issue and will not be responsible to anyone other than the Company providing the protections afforded to their respective clients or for providing advice in relation to the Share Issue and/or any other matter referred to in this release.

Forward-looking statements

This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.